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Dana Stanley
Greenbook’s Chief Revenue Officer
Categories
Medical Procedures Priced Correctly
Presented by TRC Insights
CHALLENGE
Determine price elasticity of 200+ medical procedures
A healthcare provider needed to find out what their brand equity is worth to be able to accurately disclose their pricing of procedures. Consumers could then use them when shopping for healthcare services.
With over 200 procedures, each with multiple variables that could impact pricing, individualized research on each procedure could take more than a year and be cost-prohibitive.
SOLUTION
A Herculean task approached more practically
TRC used Multi-Dimensional Scaling (MDS) to help direct the conjoint analysis plan. First, each of 10,000 consumers evaluated 25 pairs of procedures on how similar and different they considered them to be. Results revealed 20 groups of procedures that were subsequently evaluated through a conjoint method.
RESULT
- Robust simulator allowed the client to determine optimal pricing across the 200+ procedures.
- Client was able to develop a successful pricing strategy, taking into account consumer perspective.
ABOUT THIS CASE STUDY
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